Pending home sales have leveled from a market swing driven by response to the home buyer tax credit, according to the NATIONAL ASSOCIATION OF REALTORS®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in December, increased 1 percent to 96.6 from 95.6 in November, and remains 10.9 percent above December 2008 when it was 87.1. In November, the monthly index had fallen by 16.4 percent from surging activity in preceding months.
Here's a breakdown by region for the PHSI:
* Northeast: rose 2.3 percent to 76.1 in December and is 14.9 percent higher than December 2008.
* Midwest: increased 5.2 percent to 86.9 and is 8.7 percent above a year ago.
* South: rose 2.2 percent to an index of 98.4, and are 5.5 percent higher than December 2008.
* West: fell 3.8 percent to 119.9 but is 18.6 percent above a year ago.
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